Online Betting » Best Payment Methods for Online Betting

Ranking the Best Payment Methods for Online Betting in 2024: In-depth Guide

Dave Kuzio
Editor
Fact checked by: Jim Knight
Last Updated on 23.05.2024

Finding reputable online sites that offer great betting odds, markets, and usable bonuses is only half the battle. Once signed up, you’ll need to fund your betting account using online betting payment methods that are both reliable and efficient.

Whether you’re new to the world of online sports betting or just looking for a fresh start, our in-depth guide to the best payment methods is a must-read for all sports betting enthusiasts. We examine the most popular payment options today and show you how to finance your account safely and efficiently. Keep reading for all the details and more.

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A Brief Overview of Today’s Best Online Betting Payment Methods

If you’ve ever spent any amount of time browsing through some of our reviews of betting sites, you may have noticed just how prolific online payment methods have become over the past few years. There are dozens of options to consider contained within various payment structures and systems. For those of you new to online betting, this, among other things, can be a bit overwhelming.

However, do not worry, because we are here to make choosing the best payment methods for online betting a pain-free and even pleasant experience. Of course, not all payment options are available in all regions, so for now, we’ll focus on methods generally available in most regions.

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The Most Common Payment Methods Used for Online Betting

Below is a chart of some of the most popular forms of payment on online betting sites, many of which you are likely already familiar with.

Payment MethodAdvantageDisadvantageExample
Credit/Debit CardsUniversally acceptedWithdrawals are not always possibleVisa, MasterCard, AMEX
Digital Wallets (e-Wallets)High level of securityVendors may apply additional feesPayPal, Skrill, and Neteller
Prepaid Cards/VouchersZero account feesCan’t be used for withdrawalsPaysafecard, AstroPay, Neosurf
CryptocurrencyTotal anonymityNot all sportsbooks accept cryptocurrencyBitcoin, Ethereum, and Litecoin

Credit Cards

  • Eligible for welcome bonuses
  • Universally accepted
  • Deposits instantly available
  • Many card options available
  • Withdrawals are not always possible
  • Sensitive data upload required

Credit cards are one of the oldest payment options used for online sports betting and are virtually universally accepted. You’ll find plenty of options from credit card vendors, including Visa, MasterCard, American Express, Diners Club, etc. Credit cards are convenient and are used for a variety of transactions, both online and offline. That said, if you choose to use your credit card to fund your online sports betting account, there are a few extra things you should take note of.

Unlike some of the other payment options we’ll be discussing, credit cards offer far less anonymity or general online security. The main reason for this is that, while real-world purchases with credit cards only require a tap these days, funding online betting accounts gets more complicated. You’ll need to provide your credit card information and personal data when setting up your payment method.

On the plus side, credit cards allow instant access to deposited funds in your betting account, and you’ll also be able to enjoy full access to the best betting bonuses available. Most good sportsbooks won’t add additional fees when depositing via credit card. On the negative side, not all credit cards will allow you to withdraw funds via your card. In addition, payouts can take a bit longer, ranging from one to five days.

Debit Cards

  • Accepted at virtually every sportsbook
  • Spend only what you put on your debit card
  • Eligible for welcome bonuses
  • Deposits available immediately
  • Withdrawal via debit card not possible
  • Sensitive data upload required

Debit cards work similarly to credit cards and are available through the same major brands, including Visa and MasterCard. Like credit cards, debit cards are accepted at almost every online sportsbook in the world and provide instant access to your deposited funds.

However, there are a couple of differences that distinguish debit cards from credit cards. Debit cards are more popular for online betting since they are generally easier to obtain. With credit cards, you need to qualify for a line of credit your bank extends. Debit cards, on the other hand, can only be used once you’ve deposited money into your bank account. This makes them ideal for tight money management and vital for positive online sports betting.

When withdrawing funds from your betting account, you won’t be able to use your debit card. Instead, you’ll need to either withdraw to the same bank that issued your debit card or use a digital wallet such as PayPal, Neteller, or Skrill. Remember that if you choose to use your debit card, you’ll still need to upload all of the card information associated with the card, so make sure that you only select reputable sportsbooks to bet at.

Digital Wallets

  • High level of security
  • Many options available
  • Instant deposits
  • Withdrawals in under 24 hours
  • Vendors may apply additional fees
  • Certain brands may be excluded from bonus offers

Digital wallets, or e-wallets, are among the best online betting payment methods, preferred by sports bettors worldwide for several reasons. An e-wallet is an online digital wallet application designed to hold funds, either for transfer or purchase at various websites. There are dozens of great digital wallet brands, with PayPal being one of the most well-known and well-established.

That said, plenty of other great options are standard at most reputable online sportsbooks. These include Neteller, Skrill, Google Pay, and Apple Pay. Neteller and Skrill betting sites are often favoured for their near-ubiquitous presence, although it might be wise to double-check if the sportsbook you want to bet at includes them in their bonus offers. It’s also worth checking out the best PayPal betting sites if you prefer a well-established digital wallet.

Digital wallets add tremendous security to online sports betting, as there is no need to add your credit card details to your betting account. Instead, funds are transferred from your e-wallet directly to your betting account. Funds are available immediately; withdrawals are usually available in your e-wallet within 24 hours.

Prepaid Cards/Vouchers

  • Very high level of security
  • Widely available
  • Easy to use
  • Zero account fees
  • Can’t be used for withdrawals
  • Prepaid amounts may be limited

Prepaid cards and vouchers are one of the best payment methods for online betting, thanks to their wide availability, ease of use, and higher levels of security. There are dozens of prepaid card and voucher options, including Visa and MasterCard prepaid cards, branded sportsbook gift cards, Paysafecard prepaid vouchers, AstroPay, Neosurf, and many others.

Many sports bettors regard prepaid cards and vouchers as one of the best online betting payment methods because they offer an extra layer of security, higher than your average e-wallet.

Prepaid cards work in a similar way to debit cards insofar as they are pre-loaded with a certain amount of funds. It’s possible to select from several different amounts, although these can be pretty limited depending on which prepaid card you choose.

To use a prepaid card or voucher, add the card or voucher to your betting account and add the included PIN security code where applicable. A drawback to the prepaid card/voucher system is that, in most cases, you’ll need to select a secondary payment option to withdraw your winnings.

Cryptocurrency

  • Ultimate online payment security
  • Total anonymity
  • Secured by blockchain technology
  • Instant deposits & withdrawals
  • Not all sportsbooks accept cryptocurrency

Cryptocurrency is considered to be the most secure of all online betting payment methods. The main reason for this is that cryptocurrency is not tied to any central bank and is, in fact, completely decentralized. Cryptocurrency is used exclusively within the online realm for a wide range of transactions, each secured via blockchain technology.

Popular cryptocurrencies include:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether (USDT)
  • BNB
  • XRP
  • Solana (SOL)
  • USD Coin (USDC)
  • Dogecoin (DOGE)
  • Tron (TRX)

Of all online betting payment methods, crypto virtually guarantees transactional anonymity. Users purchase crypto from reputable online sites, create a crypto wallet, and then deposit or withdraw funds without adding sensitive financial information to the site. Crypto users enjoy instant deposits and withdrawals, along with exclusive bonuses.

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Online Betting Payment Methods: Safety and Security

The best online betting payment methods contain built-in safety and security features, which you’ll find when using your Visa or MasterCard credit or debit cards, various PIN-based prepaid systems, blockchain-secured Bitcoin, and other versions of cryptocurrencies.

In addition, the sportsbook itself adds layers of security to every transaction, regardless of which online betting payment method you choose. This layer of security usually takes the form of Secure Socket Layer (SSL) or Transport Layer Security (TLS) digital encryption technology in either a 128-bit or 256-bit version. This ensures that all data you upload to your account, including personal and payment information, is secured through encryption while stored on the sportsbook’s servers.

All good sportsbooks are governed by gaming authorities such as the UKGC, Kahnawake, MGA, and Curacao. This ensures that certified sportsbooks verify all customers and adhere to anti-fraud directives, suspicious gambling activities, and other security concerns.

How to Make a Deposit with Online Betting Payment Methods

Making a deposit into your online betting account typically follows the same routine, with certain differences depending on the payment method you choose. Of course, first you will need to sign up with a reputable sportsbook and register all required details to create an account. You may even be asked to select your preferred payment method during sign-up.

Once you’re in your verified betting account, follow these steps to make a deposit:

  • Visit the banking/payment page to select your preferred payment option.
  • Select your preferred payment option from the list or drop-down menu. You’ll need to add all relevant card information if using a credit or debit card.
  • Follow the relevant instructions to complete your deposit. You may be asked to be transferred to the website or page of your payment method vendor.
  • Add the amount that you would like to deposit in the space provided.
  • Double-check that all details are correct before confirming your deposit.
  • Check your betting account to verify your deposit is reflecting. If not, contact customer support immediately.

Remember, your deposit is a perfect opportunity to take advantage of welcome offers, reload bonuses, or particular payment method-related offers.

How to Make a Withdrawal with Online Betting Payment Methods

You will eventually notice that the methods available to you for making deposits are not always the same for the ones used to make a withdrawal. Follow these simple steps when you’re ready to cash out:

  • Check to see which of the online betting payment methods are available for withdrawal.
  • Select your preferred or alternative payment option if the method used for deposit is not available for withdrawal.
  • Add the amount that you wish to withdraw.
  • Check that all entries are correct before clicking submit.
  • Ensure all of your necessary paperwork, including KYC, is current before requesting a withdrawal to ensure the fastest possible processing times.

Take note that when it comes to withdrawing bonus funds, there will be certain restrictions depending on the offer you claimed. For example, most free bets and bonuses only let you withdraw your winnings after you meet certain wagering requirements–and that usually doesn’t include the stake amount itself.

Best Payment Methods for Online Betting: Conclusion

As you’ve seen, the ways to pay on online betting sites are plentiful and constantly changing, giving you many choices. Credit cards and debit cards have long been the pillars, giving bettors a comfortable and simple way to add and withdraw funds. The arrival of digital wallets has also made life easier. Now, players can transact safely online, withdrawing funds in no time.

Prepaid cards provide another alternative, especially for people who want their betting spendings separate from their primary banking accounts. The boom of cryptocurrency has brought another layer to online betting. Digital currencies like Bitcoin bring a certain amount of privacy and safety that are attractive to bettors. Plus, they support speedy deals and the possibility of profits due to market changes.

The payment method you select is aligned with your personal requirements, tastes, and familiarity with the respective technology. As online betting keeps expanding and bringing in fresh ideas, we can expect many more payment methods, providing even more versatility and ease.

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Best Online Betting Payment Methods FAQ

💯 Which online betting payment methods are fastest?

The fastest online betting payment methods include cryptocurrencies like BTC and e-wallets like Neteller and Skrill.

🧷 What are the best online betting payment methods for safety?

Cryptocurrencies are considered the safest thanks to their use of blockchain technology. Prepaid vouchers are also considered very safe, thanks to their unique PIN codes.

💰 What do sportsbooks charge for making a deposit with them?

Most reputable sportsbooks do not charge anything extra for processing your deposits. However, some payment methods may incur additional charges for withdrawals.

👀 What do I do if my deposit doesn’t reflect in my betting account?

In this case, the best thing to do is to contact the sportsbook support team.

🤔 Can I use any payment method when taking a bonus?

No. Some payment methods, like Skrill or Neteller, are often excluded from bonus offers. Always check the terms and conditions first.

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